v3.26.1
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
LONG-TERM DEBT
12. LONG-TERM DEBT
The Group’s debt comprised of the following:
As of June 30, 2026As of December 31, 2025
Principal
outstanding 
balance in
currency of debt
(in millions)
Outstanding Balance
($ in
 millions)
Principal
outstanding 
balance in
currency of debt
(in millions)		Outstanding Balance
($ in
 millions)
TLA/TLB/RCF Agreement
GBP First Lien Term Loan A due 2028
£1,034 $1,371 £1,034 $1,392 
EUR First Lien Term Loan A due 2028
€380 434 €380 447 
USD First Lien Term Loan A due 2028
$166 166 $166 166 
GBP Revolving Credit Facility due 2028
£275 365 £400 538 
USD First Lien Term Loan B due 2030
$3,817 3,818 $3,836 3,836 
USD First Lien Term Loan B due 2032
$1,238 1,238 $1,244 1,244 
Senior Secured Notes
EUR Senior Secured Notes due 2029
€500 577 €500 593 
USD Senior Secured Notes due 2029
$525 532 $525 532 
EUR Senior Secured Notes due 2031
€850 978 €850 1,007 
USD Senior Secured Notes due 2031*
$1,625 1,641 $1,625 1,649 
GBP Senior Secured Notes due 2031
£700 940 £700 955 
Total debt principal including accrued interest12,060 12,359 
Less: unamortized debt issuance costs(82)(93)
Total debt11,978 12,266 
Less: current portion of long-term debt(106)(109)
Total long-term debt$11,872 $12,157 
*Includes a net fair value basis adjustment related to receive-fixed, pay variable interest rate swap agreements designated as fair value hedges.
As of June 30, 2026, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:
($ in millions)
2026$26 
202752 
20282,387 
20291,148 
20303,692 
Thereafter4,705 
Total$12,010 
The Group is obligated to make periodic interest payments at variable rates, depending on the terms of the applicable debt agreements. Actual future interest payments may differ from these amounts based on changes in floating interest rates or other factors or events.
During the six months ended June 30, 2026, the Group drew £638 million ($856 million) (June 30, 2025: $227 million) and repaid £763 million ($1,030 million) (June 30, 2025: $232 million) under the GBP revolving credit facility. The Group had an undrawn revolving credit commitment of $1,081 million (£815 million) as of June 30, 2026 (December 31, 2025: $929 million (£690 million)), of which $13 million (£10 million) (December 31, 2025: $13 million (£10 million)) was reserved for issuing guarantees.
As of June 30, 2026, the Group was in compliance with all debt covenants.